£1.7m, three year deal for wealth management software
Focus Solutions, a supplier of enterprise offerings to the financial services industry, has announced that it has won a new contract with a major UK bank.
The deal, worth £1.7m over a three year period, will see Focus supply its wealth management software focus:360° to the bank, which has not been named. The company says the majority of revenue from the contract win will be earned in financial year 2010.
The bank hopes to enable its wealth management division to deliver a fully integrated and consistent financial planning service to its clients as part of its overall private banking proposition.
It believes this will be key to developing longer relationships with its clients as well as increase revenues from the sale of financial planning products and fees from advice.
According to Focus Solutions, the contract is based on an initial system development phase and an ongoing per user license together with maintenance services.
Richard Stevenson, Chief Executive at Focus Solutions, said: “This is the fifth contract that has been won by focus:360° since its launch last year and the significant investment that has been made in this distribution platform ensures that the Group is in a strong position to continue to win further business.”